China putting capital controls on BTC! (lol)

[Pattberry]

That's not good. Because it's the ''course'' of the bitcoin doesn't mean that can put limits on it It's unfair for everyone. I don't agree with that

i really did not understand what you meant by these words but the news about china putting capital controls on BTC is just a rumor and there is nothing official to provide any concrete proof that they will be doing so even in the future,so stop spreading lies,let the price flow

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[RodeoX]

我不相信中国的任何消息。 

[BitcoinPanther]

Where is the proof or the link to some article where I can read about such news? Withot that it sounds as not trustworthy, same as I will start a thread kind of "hey all buy bitcoins now cause of in two weeks it will cost 1500$".
Well, if it's going to be true then bitcoin will fall in it's price for sure. China is the biggest numper of bitcoin users place. Everything they do affects on bitcoin a lot cause of it's huge number. But I can't predict how low bitcoin will fall after they will put capital control on Bitcoin.

There is no proof that is backing these empty rumors.

That's why it time on time surprises me how many noobs still get caught in the process of selling their coins in panic without valid reasons.

How dumb can people be that they constantly believe articles spread to create a panic wave going through the market where the price is taking another hit. Seriously, how dumb.

I agree the article seems some propaganda to buy bitcoin at lower price and somehow it succeeded.  This still shows some holders are just for the ride and does not really believe in bitcoin capability to increase in the future.  And am sure whales are very happy on what happened because they scoop thousands of bitcoin in lower price than it should be.

[iamnotback]

China Curbs Gold Imports

This would automatically shift demand to digital gold, aka Bitcoin. If that happens, you can expect China to take action restricting purchases of Bitcoin in some time. So a short and quick raise in bitcoin's price would be followed by a dump.  

Don't bet on it. First of all, it will boost smuggling and black market activity. Bitcoin is a niche product, only few people are aware of it as an investment alternative. The direct impact of China news on Bitcoin prices is greatly exaggerated.

So I don't expect a rise in BTC price because of it. Even if the scenario you are pointing out becomes reality, restrictions for Bitcoin purchases would not succeed on a large scale, because you can't ban p2p trade.

China doesn't need to import BTC since most of the minted BTC is now mined inside of China. Unless China can track ongoing every BTC mined in China by requiring them to be sold and held on regulated exchanges that never allow users to have access to private keys (which would not be Bitcoin any more), then they have no hope of regulating it.

If China does basterdize BTC that way, then Bitcoin is dead. And we will just move on to another altcoin. In which case the mining farms in China will be useless door stops. Also China would be shooting its own technology sector in the foot. I just don't think China's think tanks are this stupid.

China is powerless to stop crypto-currency.

Besides the capital flight via BTC is so damn small so as to be insignificant. The entire market cap of Bitcoin is only a minuscule $12 billion. The daily volume on Bitcoin is $48 million and RNB forex volume is some $5 trillion annually or $14 billion daily. We need a 10 or 100X higher BTC price before we have to worry about it being significant to China's capital flight volumes.


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